Quick Read

• NBIS jumped 4%, snapping a six-session slide after closing a $5.75B convertible raise that exceeded its $4.5B target on strong institutional demand.

• A five-year $12B META deal anchors Nebius's $37.5B backlog, while IREN's Thursday earnings give the neocloud group its next key demand checkpoint.

• Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Nebius Group didn't make the cut. Grab the names FREE today.

Nebius Group (NASDAQ:NBIS) stock is up 4% to $218.47 Tuesday midday, snapping a six-session losing streak that had built as the market braced for a large convertible deal. The rebound arrived right after the company disclosed a raise that came in larger than the market had expected. Year to date through Monday's close, Nebius Group stock was up 152%, so the recent slide interrupted a strong 2026 run.

For context, the First Trust Cloud Computing ETF (NASDAQ:SKYY) is down 0.1% to $158.77 in Tuesday trading, drifting as software names cool off. Meanwhile, Global X Data Center & Digital Infrastructure ETF (NASDAQ:DTCR) is up 2% to $28.53, tracking a firmer bid across data-center REITs and semiconductor names tied to AI buildouts.

Bigger Raise Draws Bigger Demand

Nebius announced Monday the closing of a private offering of convertible senior notes with aggregate gross proceeds of approximately $5.75 billion, sold to qualified institutional buyers. The deal came in two series: 0.50% convertible notes due 2030 with $3.45 billion in aggregate original principal, and 4.50% convertible notes due 2034 with $2.3 billion in original principal. Initial purchasers exercised their options in full for an additional $450 million of the 2030 notes and $300 million of the 2034 notes.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Nebius Group didn't make the cut. Grab the names FREE today.

The total exceeded Nebius's initial $4.5 billion target, which had been raised to $5 billion last week. Investors appear to be reading the upsize as validation of demand for the company's AI infrastructure buildout, which is anchored by long-term contracted capacity (we profiled seven suppliers powering that buildout, from power to cooling, in a free report you can grab here). Order books that clear at a higher size and a low 0.50% coupon on the front tranche suggest institutional appetite for exposure to neocloud growth.

Dilution Stack Grows Alongside Backlog

Alongside the new offering, Nebius entered privately negotiated exchange agreements with certain holders of its 2.00% convertible notes due 2029 and 3.00% convertible notes due 2031, swapping $400 million of the 2029 notes and $400 million of the 2031 notes for approximately 15.8 million Class A ordinary shares. The company disclosed that those holders may sell the shares in the open market or unwind hedge positions, activity that "could decrease (or reduce the size of any increase in) the market price of the Class A shares." The exchange effectively swaps a portion of the older notes for equity ahead of their scheduled maturities.